What is the new $600 billion European bailout fund supposed to buy? Time.

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Germany voted to approve a $600 billion bailout package on Thursday to prevent Greece and other teetering European governments from defaulting on their debt and sending a weak continent into a second great recession. Even if this was a necessary move to stave off debtpocalypse, it will not be enough to prevent an eventual default by Greece and perhaps other European countries. So what is the new $600 billion European bailout fund supposed to buy? Time. To save you the same, here's a FAQ primer on the crisis as it stands today.

Explain Greece's crisis in a paragraph.

Athens has run irresponsible deficits for a decade on top of an economy
operating at a fraction of the productivity of Germany and France. If it
were in control of its own currency, the solution today would be simpler. It
would print more money to depreciate the currency until the value of
goods fell relative to trading partners, which would grow exports. But
Greece doesn't control its own currency. It's stuck with the euro, which bought ten years of low borrowing costs at the price of three years
(and counting) of difficult, if not impossible, adjustments.

Did Europe just save Greece with this bailout?

Not yet, and probably never. Greece's debt burden as a share of GDP is 140% and growing. Even with a 50 percent haircut, it would still face a fierce structural problem. The only longterm solution is for the country to revert to its own cheaper currency.

If Europe can't save Greece, why is it trying?

Greece is a small economy. At $300 billion, its GDP is a tenth the size of Germany. But for the European Union, it still qualifies as too big to fail for two reasons. First, hundreds of billions of euros of Greek debt are on the balance sheets of Europe's largest banks. Second, if Europe lets Greece default, investors will interpret this as an indication that nobody is safe. That would make the debts of Italy, Ireland, Spain, and Portugal much more risky. Risky debts are more expensive debts. More expensive debts means more bailouts.

Europe probably can't save Greece. It can only save itself by propping up Greece until it's no longer technically too big to fail -- by (a) guaranteeing Athens' debts until Europe's largest banks are in a better position to take losses or by (b) backing its debts until Europe's other troubled governments solve their own problems.

What happens next?

The waiting happens. The world better get used to a slow-moving Europe, because the EU is in this for the long haul -- emphasis on the haul. Stronger European countries will provide money to the weaker countries in exchange for control over their tax-and-spending policy. The next few years will be a tug-of-war between national politics (Politician A: "We all have to make sacrifices"; Politician B: "We're losing our national sovereignty to German national bankers!) and international politics ("We're taking your national sovereignty for the good of Europe").

What does it mean for the U.S.?

First, a note of comparison. Even serving as the catastrophic insurance provider for the U.S. economy, Washington is finding it very easy to get financing from other countries and banks who have every expectation that they'll pay the money back. Our 10-year borrowing rates are 3 percent. Athens has hovered around 18 percent. We're not Greece.

What does the European debt crisis mean for our economy? American banks have very small direct exposure to the debts of the four peripheral countries in the crisis: Portugal, Ireland, Italy, and Greece (i.e.: the PIIGs). But they have significant exposure to the largest banks in France and Germany, and our economic fate is interwoven with the large European economies. If a debt crisis pulls Europe into a second recession, you won't need the international news section of a newspaper to tell you. Trust me, you'll know.

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In the landscape where Mad Max: Fury Road was filmed, a scientist is trying to understand a natural phenomenon that has eluded explanation for decades.

One evening earlier this spring, German naturalist Norbert Jürgens strayed from his expedition in the Namib Desert. He walked away from his campsite beside Leopard Rock, a huge pile of schist slabs stacked like left-over roofing tiles, and into a vast plain ringed with red-burnished hills. He had 20 minutes of light left before sunset, and he intended to use them.

This next part may sound like a reenactment from a nature documentary, but trust me: This is how it went down.

Off by himself, Jürgens dropped down to his knees. He sank his well-tanned arms in the sand up to the elbows. As he rooted around, he told me later, he had a revelation.

At the time, I was watching from the top of Leopard Rock, which offered a bird’s-eye view of both Jürgens and his expedition’s quarry. Across the plain, seemingly stamped into its dry, stubbly grass, were circles of bare ground, each about the size of an aboveground pool. Jürgens, a professor at the University of Hamburg, was digging—and pondering—in one of these bare patches.

The class divide is already toxic, and is fast becoming unbridgeable. You’re probably part of the problem.

1. The Aristocracy Is Dead …

For about a week every year in my childhood, I was a member of one of America’s fading aristocracies. Sometimes around Christmas, more often on the Fourth of July, my family would take up residence at one of my grandparents’ country clubs in Chicago, Palm Beach, or Asheville, North Carolina. The breakfast buffets were magnificent, and Grandfather was a jovial host, always ready with a familiar story, rarely missing an opportunity for gentle instruction on proper club etiquette. At the age of 11 or 12, I gathered from him, between his puffs of cigar smoke, that we owed our weeks of plenty to Great-Grandfather, Colonel Robert W. Stewart, a Rough Rider with Teddy Roosevelt who made his fortune as the chairman of Standard Oil of Indiana in the 1920s. I was also given to understand that, for reasons traceable to some ancient and incomprehensible dispute, the Rockefellers were the mortal enemies of our clan.

The text reflected not only the president’s signature syntax, but also the clash between his desire for credit and his intuition to walk away.

Donald Trump’s approach to North Korea has always been an intensely personal one—the president contended that his sheer force of will and negotiating prowess would win the day, and rather than use intermediaries, he planned for a face-to-face meeting, with himself and Kim Jong Un on either side of a table.

So Trump’s notice on Thursday that he was canceling the June 12 summit in Singapore was fitting. It arrived in the form of a letter that appears to have been written by the president himself. The missive features a Trumpian mix of non sequiturs, braggadocio, insults, flattery, and half-truths. Whether the dramatic letter marks the end of the current process or is simply a negotiating feint, it matches the soap-operatic series of events that proceeded it. Either way, it displays the ongoing conflict between Trump’s desire for pageantry and credit and his longstanding dictum that one must be willing to walk away from the negotiating table.

The 9-year-old has built a huge following with profane Instagram posts, but the bravado of “the youngest flexer of the century” masks a sadder tale about fame and exploitation.

In mid-February, a mysterious 9-year-old by the name of Lil Tay began blowing up on Instagram.

“This is a message to all y’all broke-ass haters, y’all ain't doing it like Lil Tay,” she shouts as she hops into a red Mercedes, hands full of wads of cash. “This is why all y’all fucking haters hate me, bitch. This shit cost me $200,000. I’m only 9 years old. I don’t got no license, but I still drive this sports car, bitch. Your favorite rapper ain’t even doing it like Lil Tay.”

Referring to herself as “the youngest flexer of the century,” Lil Tay quickly garnered a fan base of millions, including big name YouTubers who saw an opportunity to capitalize on her wild persona. In late January, RiceGum, an extremely influential YouTube personality dedicated an entire roast video to Lil Tay.

A short—and by no means exhaustive—list of the open questions swirling around the president, his campaign, his company, and his family.

President Trump speculated on Tuesday that “if” the FBI placed a spy inside his campaign, that would be one of the greatest scandals in U.S. history. On Wednesday morning on Twitter, the “if” dropped away—and Trump asserted yesterday’s wild surmise as today’s fact. By afternoon, a vast claque of pro-Trump talkers repeated the president’s fantasies and falsehoods in their continuing project to represent Donald Trump as an innocent victim of a malicious conspiracy by the CIA, FBI, and Department of Justice.

The president’s claims are false, but they are not fantasies. They are strategies to fortify the minds of the president’s supporters against the ever-mounting evidence against the president. As Laurence Tribe and Joshua Matz show in their new book about impeachment, an agitated and committed minority can suffice to protect a president from facing justice for even the most strongly proven criminality.

As recently as the 1950s, possessing only middling intelligence was not likely to severely limit your life’s trajectory. IQ wasn’t a big factor in whom you married, where you lived, or what others thought of you. The qualifications for a good job, whether on an assembly line or behind a desk, mostly revolved around integrity, work ethic, and a knack for getting along—bosses didn’t routinely expect college degrees, much less ask to see SAT scores. As one account of the era put it, hiring decisions were “based on a candidate having a critical skill or two and on soft factors such as eagerness, appearance, family background, and physical characteristics.”

The 2010s, in contrast, are a terrible time to not be brainy. Those who consider themselves bright openly mock others for being less so. Even in this age of rampant concern over microaggressions and victimization, we maintain open season on the nonsmart. People who’d swerve off a cliff rather than use a pejorative for race, religion, physical appearance, or disability are all too happy to drop the s‑bomb: Indeed, degrading others for being “stupid” has become nearly automatic in all forms of disagreement.

The Americans and the North Koreans were all set for a historic meeting. Then they started talking about Libya.

Of all the countries that might have acted as a spoiler for the summit in Singapore between Donald Trump and Kim Jong Un—China, Russia, Japan, the United States and North Korea themselves—the one that doomed it was unexpected. It isn’t even involved in North Korea diplomacy and is locateda long 6,000 miles away from the Korean Peninsula. It’s Libya.

Yet Libya ought to have been top of mind. It’s notoriously difficult to determine what motivates the strategic choices and polices of North Korea’s leaders, but among the factors that has been evident for some time is Kim Jong Un’s fear of ending up like Muammar al-Qaddafi. The Libyan strongman was pulled from a drainage pipe and shot to death by his own people following a U.S.-led military intervention during the Arab Spring in 2011. The North Korean government views its development of nuclear weapons—a pursuit Qaddafi abandoned in the early 2000s, when his nuclear program was far less advanced than North Korea’s, in exchange for the easing of sanctions and other promised benefits—as its most reliable shield against a hostile United States that could very easily inflict a similar fate on Kim. We know this because the North Korean government has repeatedly said as much. “The Saddam Hussein regime in Iraq and the Gaddafi regime in Libya could not escape the fate of destruction after being deprived of their foundations for nuclear development and giving up nuclear programs of their own accord,” the state-run Korean Central News Agency observed in 2016.

The bombastic legal adviser to Stormy Daniels is taking cues from the era of O.J. Simpson and Monica Lewinsky.

On cable news these days, there are very few people who have approached President Trump’s ubiquity. In fact, there is only one, and his name is Michael Avenatti. (Stormy who?)

Avenatti is not the first attorney to understand how the publicity game is played. Litigators are often like this: brash, aggressive, and sophisticated media manipulators. But Avenatti is the first celebrity lawyer of the Trump age, and it’s for that reason that he has become ultra-famous: Everything to do with Trump becomes, for good or ill, a star. And so it is with Avenatti, who in the public imagination has become not just “Stormy Daniels’s lawyer Michael Avenatti,” but simply “Michael Avenatti,” and appears to live inside your TV set.

The billionaire’s Twitter tirade was so ill-informed it led to a subtweet from his former head of communications.

Elon Musk’s screed against the media began with a story about Tesla.

“The holier-than-thou hypocrisy of big media companies who lay claim to the truth, but publish only enough to sugarcoat the lie, is why the public no longer respects them,” the entrepreneur tweeted Wednesday, with a link to a post on the website Electrek. The author of that post criticized news coverage of recent Tesla crashes and delays in the production of the Model 3, calling it “obsessive” and saying there’s been a “general increase of misleading clickbait.”

Musk followed that tweet with an hours-long tirade in which he suggested that journalists write negative stories about Tesla to get “max clicks” and “earn advertising dollars or get fired,” blamed the press for the election of President Donald Trump, and polled users on whether he should create a website that rates “the core truth” of articles and tracks “the credibility score” of journalists, which he would consider naming Pravda, like the Soviet state-run, propaganda-ridden news agency.

The president sent a terse note to North Korea’s leader, citing “the tremendous anger and open hostility displayed in your most recent statement.”

It was going to be the first meeting between an American president and a North Korean leader in history—an audacious effort to resolve the crisis over North Korea’s development of nuclear weapons. But on Thursday—after days of bitter back-and-forth between the United States and North Korea over how to approach denuclearization, with a North Korean official threatening a “nuclear-to-nuclear showdown” with the U.S. even as the North Korean government destroyed a nuclear test site as a show of good faith—the White House abruptly announced that the June 12 summit in Singapore would not take place.

The news came in a letter from Donald Trump to Kim Jong Un, the full text of which is here:

Dear Mr. Chairman:

We greatly appreciate your time, patience, and effort with respect to our recent negotiations and discussions relative to a summit long sought by both parties, which was scheduled to take place on June 12 in Singapore. We were informed that the meeting was requested by North Korea, but that to us is totally irrelevant. I was very much looking forward to being there with you. Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting. Therefore, please let this letter serve to represent that the Singapore summit, for the good of both parties, but to the detriment of the world, will not take place. You talk about your nuclear capabilities, but ours are so massive and powerful that I pray to God they will never have to be used.

I felt a wonderful dialogue was building up between you and me, and ultimately, it is only that dialogue that matters. Some day, I look very much forward to meeting you. In the meantime, I want to thank you for the release of the hostages who are now home with their families. That was a beautiful gesture and was very much appreciated.

If you change your mind having to do with this most important summit, please do not hesitate to call me or write. The world, and North Korea in particular, has lost a great opportunity for lasting peace and great prosperity and wealth. This missed opportunity is a truly sad moment in history.